Thursday, May 26, 2011

5/26/11 - EOD Update [8:45 PM Update]

[8:45 PM Update]

SPX 5 Min

In the CiL today I speculated that the market was setting up a gap and go event for tomorrow. Here's a 5 min view of that setup.

So far ES is working towards that but it's a long way between now and 9:30 AM EST but we shall see in a about 9-10 hours.

[8:29 PM Update]

TF

TF appears to be leading.

ES

Let's see if ES hits the top of it's channel at 1333.


[4:45 PM Update]

Minor 4 Triangle Option

This is the top option. At the moment this best explains the corrective three wave structures we have been seeing.

I think [c] is done but the 60 min chart below shows that possibly one more touch lower is possible, however, as long at 1313 holds, we'll consider wave [c] complete.

ES, TF and the 60 Min chart clearly shows a new potential three wave move up that appears to be the beginnings of wave [d] so we will see.

The ES inverted head and shoulders appears to be on track.

TF

Finally broke out of it's falling wedge and heading for the upper trendline. That looks like the beginning of a decent impulse. Granted at this point that's three waves up. 837 would make that third leg up equal to the first. If it extends 1.618*, it will equal 851.

Minor 4 Flat Option
Here's all the other sub-options for Minor 4 which also remain valid.

The Bear count is still valid but again I don't think the odds are in it's favor. I have added an addtl alt label that would make it a nested (1)-(2) 1-2 vs a triple 1-2 down.

EOD Update
60 Min

I think the market his attempting to tag either the green or red trendline above at minimum. More later.
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